{"id":2387823,"date":"2024-12-18T04:01:27","date_gmt":"2024-12-18T09:01:27","guid":{"rendered":"https:\/\/www.pymnts.com\/?p=2387823"},"modified":"2024-12-17T22:52:09","modified_gmt":"2024-12-18T03:52:09","slug":"amex-sees-tremendous-growth-in-virtual-cards-for-b2b-payments","status":"publish","type":"post","link":"https:\/\/www.pymnts.com\/news\/b2b-payments\/2024\/amex-sees-tremendous-growth-in-virtual-cards-for-b2b-payments\/","title":{"rendered":"Amex Sees \u2018Tremendous Growth\u2019 in Virtual Cards for B2B Payments"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Complexities breed inefficiency, as business-to-business (B2B) payments throughout their history have proven. <\/span><\/p><div\r\n\tid=\"article-paywall-overlay\"\r\n\tclass=\"d-none\"\r\n>\r\n\t<div id=\"article-paywall-content\" class=\"my-4\">\r\n\t\t\n<div class=\"wpcf7 no-js\" id=\"wpcf7-f2699550-o1\" lang=\"en-US\" dir=\"ltr\" data-wpcf7-id=\"2699550\">\n<div class=\"screen-reader-response\"><p 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href=\"https:\/\/pymnts-com-develop.go-vip.net\/terms-conditions\/\">Terms and Conditions<\/a>.\n\t\t\t\t<\/p>\n\t\t\t\t<p><input id='hiddenPath' type='hidden' name='path' value='' \/><input type='hidden' name='userDeviceId' id='userDeviceId' \/><input type='hidden' name='pageTitle' id='pageTitle' \/>\n\t\t\t\t<\/p>\n\t\t\t<\/div>\n\t\t\t<div class=\"col-12\">\n\t\t\t\t<div id='formButtonRow' class='container mt-1 px-0'>\n\t\t\t\t\t<p><input class=\"wpcf7-form-control wpcf7-submit has-spinner btn btn-dark text-uppercase py-2 px-5 small\" id=\"theSubmitButton\" type=\"submit\" value=\"Submit\" \/>\n\t\t\t\t\t<\/p>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\t<\/div>\n<\/div><input type=\"hidden\" name=\"post_id\" value=\"2387823\" \/><input type=\"hidden\" name=\"source\" value=\"https:\/\/www.pymnts.com\/news\/b2b-payments\/2024\/amex-sees-tremendous-growth-in-virtual-cards-for-b2b-payments\/\" \/><p style=\"display: none !important;\" class=\"akismet-fields-container\" data-prefix=\"_wpcf7_ak_\"><label>&#916;<textarea name=\"_wpcf7_ak_hp_textarea\" cols=\"45\" rows=\"8\" maxlength=\"100\"><\/textarea><\/label><input type=\"hidden\" id=\"ak_js_1\" name=\"_wpcf7_ak_js\" value=\"139\"\/><script>document.getElementById( \"ak_js_1\" ).setAttribute( \"value\", ( new Date() ).getTime() );<\/script><\/p><div class=\"wpcf7-response-output\" aria-hidden=\"true\"><\/div>\n<\/form>\n<\/div>\n\r\n\t<\/div>\r\n<\/div>\r\n<div id=\"article-paywall-hidden-content\">\r\n\t\n<p><span data-preserver-spaces=\"true\">But B2B payments should be simple, easy <\/span><span data-preserver-spaces=\"true\">and<\/span><span data-preserver-spaces=\"true\"> secure. In an era when digital transformation is reshaping every element of business operations, virtual cards are <\/span><span data-preserver-spaces=\"true\">emerging as<\/span><span data-preserver-spaces=\"true\"> a powerful tool to help streamline payments, improve financial control <\/span><span data-preserver-spaces=\"true\">and<\/span><span data-preserver-spaces=\"true\"> foster strong relationships between buyers and suppliers.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cWe\u2019ve seen tremendous growth in virtual cards over recent years,\u201d <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.linkedin.com\/in\/widad-chaoui-0493b02\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Widad Chaoui<\/span><\/a><span data-preserver-spaces=\"true\">, vice president and general manager, <\/span><span data-preserver-spaces=\"true\">corporate<\/span><span data-preserver-spaces=\"true\"> program product management at <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.americanexpress.com\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">American Express<\/span><\/a><span data-preserver-spaces=\"true\">, told PYMNTS, noting that fundamental to the promise of virtual cards is their ability to deliver enhanced fraud protection, automation and flexibility compared to traditional methods, such as checks \u2014 three qualities that resonate strongly.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThey are dynamic digital payment methods that deliver better fraud protection and enable greater spend controls [than legacy B2B payments]. At their core, virtual cards provide businesses with flexibility, security <\/span><span data-preserver-spaces=\"true\">and<\/span><span data-preserver-spaces=\"true\"> efficiency,\u201d Chaoui said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">But what, exactly, are virtual cards? <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Virtual cards, issued as digital tokens tied to existing credit or charge cards, provide an added layer of security by avoiding the exposure of full card details during transactions.<\/span><\/p><div id=\"pymnt-2422678386\" class=\"pymnt-content pymnt-entity-placement\" style=\"margin-top: 50px;\"><p style=\"text-align:center\">Advertisement: Scroll to Continue<\/p><script async type=\"text\/javascript\" id=\"dianomi_context_script\" src=\"https:\/\/www.dianomi.com\/js\/contextfeed.js\"><\/script> \r\n<div class=\"dianomi_context\" data-dianomi-context-id=\"4329\"><\/div><\/div>\n<p><span data-preserver-spaces=\"true\">This feature, combined with time-bound spending limits and project-specific budgets, <\/span><span data-preserver-spaces=\"true\">help<\/span><span data-preserver-spaces=\"true\"> companies exercise control over expenditures, making virtual cards a popular choice for commercial payments.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">While still in the early stages of adoption, this payment solution represents a digital evolution of traditional credit and charge cards.<\/span><\/p>\n<h2>Embracing Virtual Cards<\/h2>\n<p><span data-preserver-spaces=\"true\">Businesses<\/span><span data-preserver-spaces=\"true\"> are adopting virtual cards for three primary reasons<\/span><span data-preserver-spaces=\"true\">, Chaoui said<\/span><span data-preserver-spaces=\"true\">: \u201cEase of use, extracting more value from payments, and automation.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Virtual cards can integrate seamlessly into existing systems, offering a straightforward, user-friendly payment method.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u00a0\u201cThe simplicity of virtual cards is a major factor in their adoption,\u201d Chaoui said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Like traditional cards, virtual cards provide access to working capital and offer rebates or financial benefits. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThey give companies the ability to unlock value from their payments, whether through cash flow optimization or cost savings,\u201d she said. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Virtual cards eliminate manual processes, such as invoice approvals and payment reconciliations. By reducing administrative overhead, companies can redirect resources toward driving growth. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201c[Virtual cards] empower businesses to focus on value-added activities instead of chasing down paperwork,\u201d Chaoui said. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Despite their evident advantages, scaling virtual card adoption is not without hurdles. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThere\u2019s a need for education \u2014 both for buyers and suppliers \u2014 on how to use virtual cards, which spend categories they\u2019re best suited for, and how to fully integrate them into existing workflows,\u201d Chaoui said, noting that suppliers, in particular, may hesitate due to concerns about adoption complexity. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cDemonstrating the ROI of virtual cards is crucial,\u201d Chaoui said. \u201cSuppliers need to understand how these tools can accelerate payments and reduce their days sales outstanding.\u201d<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Read more<\/span><\/strong><span data-preserver-spaces=\"true\">: <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.pymnts.com\/tracker_posts\/cutting-the-checks-boosting-commercial-payment-speed-and-security-with-virtual-cards\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Cutting the Checks: Boosting Commercial Payment Speed and Security With Virtual <\/span><span data-preserver-spaces=\"true\">Cards<\/span><\/a><\/p>\n<h2>Shaping Buyer-Supplier Dynamics<\/h2>\n<p><span data-preserver-spaces=\"true\">One of the most compelling advantages of virtual cards is their ability to strengthen buyer-supplier relationships. Chaoui challenged the common misconception that buyer and supplier priorities are at odds. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cWe often think their needs are in opposition, but virtual cards create a symbiotic, positive relationship,\u201d she said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">For buyers, virtual cards simplify transactions, enhance payment automation <\/span><span data-preserver-spaces=\"true\">and<\/span><span data-preserver-spaces=\"true\"> reduce costs. Suppliers benefit from faster payment cycles than offered by traditional methods, and reduced time spent chasing invoices. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Chaoui identified three key areas where virtual cards are expected to expand: employee <\/span><span data-preserver-spaces=\"true\">spend<\/span><span data-preserver-spaces=\"true\">, supplier payments <\/span><span data-preserver-spaces=\"true\">and<\/span><span data-preserver-spaces=\"true\"> expense management for small- to medium-sized enterprises (SMEs). <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Already, virtual cards are becoming a <\/span><span data-preserver-spaces=\"true\">go-to<\/span><span data-preserver-spaces=\"true\"> solution for contractors and freelancers who <\/span><span data-preserver-spaces=\"true\">don\u2019t have<\/span><span data-preserver-spaces=\"true\"> access to traditional employee cards.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cAs more companies embrace flexible workforces, virtual cards will play a greater role in enabling business travel and discretionary expenses,\u201d Chaoui said. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Elsewhere, industries like healthcare and construction are leading the way in using virtual cards for recurring invoice payments. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cWe\u2019re seeing significant adoption in these sectors, but I expect other industries to catch up as suppliers become more educated on the benefits,\u201d she said. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">As businesses, including SMEs, integrate virtual cards more deeply into their operations, they unlock opportunities for bottom-line enhancements and scalability. <\/span><span data-preserver-spaces=\"true\">The ability to automate<\/span><span data-preserver-spaces=\"true\"> payment workflows allows organizations to focus on strategic initiatives rather than back-office inefficiencies.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cFor SMEs, virtual cards are about control \u2014 managing spending and improving expense tracking through automation,\u201d Chaoui said. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">While still in the early stages of adoption, virtual cards are poised to become a cornerstone of commercial payments. The key to unlocking their full potential lies in education and integration. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cWe\u2019re just scratching the surface,\u201d Chaoui said. \u201cThe more businesses and suppliers understand how virtual cards can enhance their operations, the faster adoption will grow.\u201d<\/span><\/p>\n\r\n<\/div>\r\n<script>\r\n\twindow.pymntsAllowedArticleCount = 2;\r\n\twindow.pymntsPostID = 2387823;\r\n<\/script>","protected":false},"excerpt":{"rendered":"<p>Complexities breed inefficiency, as business-to-business (B2B) payments throughout their history have proven. Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content \u2014 no additional logins required. yesSubscribe to our daily newsletter, PYMNTS Today. By completing this form, you agree to receive marketing communications from [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2393445,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"_acf_changed":false,"content-type":"","inline_featured_image":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4038],"tags":[4054,4055,9617,4403,7118,13328,5845,9206,133069,60852,4069,5246,4463,8791,4072,5654,160761],"class_list":["post-2387823","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-b2b-payments","tag-american-express","tag-b2b","tag-b2b-payments","tag-commercial-payments","tag-digital-payments","tag-featured-news","tag-fraud-prevention","tag-news","tag-pymnts-news","tag-pymnts-tv","tag-small-business","tag-smb","tag-sme","tag-spend-management","tag-video","tag-virtual-cards","tag-widad-chaoui","post_format-post-format-video"],"acf":{"suggested_titles":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.2 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Amex Sees \u2018Tremendous Growth\u2019 in Virtual Cards for B2B<\/title>\n<meta name=\"description\" content=\"Widad Chaoui of American Express explains why virtual cards represent a strategic advantage for B2B payments.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.pymnts.com\/news\/b2b-payments\/2024\/amex-sees-tremendous-growth-in-virtual-cards-for-b2b-payments\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Amex Sees \u2018Tremendous Growth\u2019 in Virtual Cards for B2B Payments | PYMNTS.com\" \/>\n<meta property=\"og:description\" content=\"Complexities breed inefficiency, as business-to-business (B2B) payments throughout their history have proven. 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